the United States economy has grown faster, on average, under Democratic presidents than under Republicans.
The stark contrast between the whiz-bang Clinton years and the dreary Bush years is familiar because it is so recent. But while it is extreme, it is not atypical. Data for the whole period from 1948 to 2007, during which Republicans occupied the White House for 34 years and Democrats for 26, show average annual growth of real gross national product of 1.64 percent per capita under Republican presidents versus 2.78 percent under Democrats.
That 1.14-point difference, if maintained for eight years, would yield 9.33 percent more income per person, which is a lot more than almost anyone can expect from a tax cut.
Such a large historical gap in economic performance between the two parties is rather surprising, because presidents have limited leverage over the nations economy. Most economists will tell you that Federal Reserve policy and oil prices, to name just two influences, are far more powerful than fiscal policy. Furthermore, as those mutual fund prospectuses constantly warn us, past results are no guarantee of future performance.
You bet against them at your peril.
The second big historical fact, which might be called the Great Partisan Inequality Divide, is the focus of Professor Bartelss work.
It is well known that income inequality in the United States has been on the rise for about 30 years now an unsettling development that has finally touched the public consciousness. But Professor Bartels unearths a stunning statistical regularity: Over the entire 60-year period, income inequality trended substantially upward under Republican presidents but slightly downward under Democrats, thus accounting for the widening income gaps over all. And the bad news for Americas poor is that Republicans have won five of the seven elections going back to 1980.
Economic View - Is History Siding With Obama’s Economic Plan? - NYTimes.com
